China Cyberspace Regulator Cracks Down on Counterfeit Investment Platforms

China’s cyberspace regulator said on Friday that it has cracked down on counterfeit investment platforms, as part of the country’s campaign to combat such telecom network crime.

The Cyberspace Administration of China (CAC) said it has investigated and cracked down on some 42,000 counterfeit apps since the start of this year, and incorporated them into the national fraud-related database, according to a statement on its website.

The regulator added it found multiple cases involving website spoofing as scammers created fraudulent investment platforms by mimicking some popular tech companies including JD Finance, the fintech arm of e-commerce giant JD.com.

“App stores and other platforms should also strengthen the security scrutiny of App download to prevent fake Apps from fishing in troubled water to harm internet users,” CAC said.

State media reported in April that the number of telecom fraud cases in China had declined for nine consecutive months starting June 2021.

SHANGHAI (Reuters)